The Malta Stock Exchange index registered a decline for the fifth consecutive week as it fell by a further 0.4 per cent throughout this week, closing at 3,406.68 points.
Activity was spread across 13 equities, of which gainers and losers tallied at five while three closed unchanged. Middlesea Insurance plc shares were the best performers, while Plaza Centres plc shares headed the list of fallers.
Bank of Valletta plc shares ended the week 1.4 per cent or €0.03 higher as 64 deals of 130,501 shares were negotiated. The equity’s share price oscillated between a weekly low of €2.10 and a weekly high of €2.15, at which price it ended the week.
Conversely, HSBC Bank Malta plc shares fell by a minimal 0.1 per cent over 30 trades of 38,007 shares, to close at €2.109. In an interim directors’ statement issued on Monday, the bank reported that during the period January 1, 2014 to May 19, 2014, the bank delivered a result that was below the same period last year. The board of directors is scheduled to meet on August 4 to approve the group’s and the bank’s interim accounts for the half-year ending June 30, 2014 and to consider the declaration of an interim dividend.
FIMBank plc shares slipped by 1.3 per cent across five trans-actions of 51,654 shares, to close at $0.77. The trade finance bank announced that the Listing Authority has accepted the bank’s request to remain listed on the MSE notwithstanding that the proportion of the class of ordinary shares in the hands of the public has fallen below the required 25 per cent.
Furthermore, the Listing Authority has also indicated that, should the level of shares in the hands of the public decrease to 17 per cent as a result of the forthcoming rights issue, this will not prejudice the bank’s listing on the MSE. This approval is subject to the expectation that the bank targets the restoration of the shares in public hands to the level of 25 per cent at the first practical opportunity.
On a positive note, Lombard Bank Malta plc shares advanced by 1.3 per cent as 2,248 shares changed ownership across a single deal, closing at €1.51.
Middlesea Insurance plc shares appreciated by 2.2 per cent as 3,325 shares changed hands, closing €0.02 higher at €0.92. The company announced that the first quarter of 2014 has been characterised by a satisfactory increase in the group’s non-life and life premium volumes and revenues.
Performance by the group’s investment portfolios, though positive, saw a sharp drop compared to the performance during the comparative quarter of 2013, following modest returns on the international markets and a negative performance by the MSE Index during March.
Similarly, Malta International Airport plc shares fully erased last week’s losses as they strengthened by €0.03 or 1.3 per cent over seven trades of 7,200 shares, to close at €2.28.
Plaza Centres plc was the most heavily traded equity for the week in terms of volume, as it witnessed a turnover of 138,300 shares. The equity succumbed to selling pressure as it sagged by 5.6 per cent, closing €0.035 lower at €0.59.
On Thursday, International Hotel Investments plc shares traded for the first time since turning ex-dividend. The hotel-iers’ equity was active across two trades of 4,650 shares and closed at €0.80, down 4.8 per cent.
In the telecommunications industry, Go plc shares decreased by one per cent as 18 deals of 38,478 shares were struck, to close at €1.95.
On the other hand, MIDI plc shares appreciated by 0.4 per cent over a single transaction of 5,500 shares, closing at €0.241.
Meanwhile, the non-movers for the week were Medserv plc, RS2 Software plc and Malita Investments plc shares as they all traded flat at €1.30, €2.40 and €0.55 respectively.
In the corporate bond market turnover amounted to €474,896. A total of 18 issues were active, of which two advanced, eight lost ground and eight others closed unchanged. The 5.6% Global Capital plc € 2014/16 was the worst performer as it declined by 1.2 per cent, closing at €0.84.
On the sovereign debt front, 24 issues were active, of which five edged higher, 18 fell in value and one closed unchanged. Turnover amounted to over €11.5 million. The long-dated 4.45% MGS 2032 (II) r was the most liquid issue as it reached a turnover of €5.2 million.
Yesterday, the Treasury announced that it will be issuing new Malta Government Stocks, offering an aggregate of €100 million subject to an over-allotment option of €80 million. The new issue offered to the general public will mature in 2033, having a coupon of 4.3 per cent. The offer price will be announced on Thursday and the applications can be submitted from June 2, 2014 until June 4, 2014 or earlier, at the discretion of the Accountant General.
This article, which was compiled by Jesmond Mizzi Financial Advisors Limited, does not intend to give investment advice and the contents therein should not be construed as such.
The company is licensed to conduct investment services by the MFSA and is a member of the Malta Stock Exchange and a member of the Atlas Group.
The directors or related parties, including the company, and their clients are likely to have an interest in securities mentioned in this article.
For more information contact Jesmond Mizzi Financial Advisors Limited at 67, Level 3, South Street, Valletta, or by e-mail to info@jesmondmizzi.com or by telephone on 2122 4410.